The NCLAT, in its December 18, 2019 order, had restrained the company, its board of directors and shareholders from exercising the power under the article against minority members except in exceptional circumstances and in the interest of company. A bench headed by Chief Justice S A Bobde dealt with this issue in its 282-page verdict which set aside the NCLAT's order that had restored Cyrus Mistry as the executive chairman of the USD 100 billion salt-to-software conglomerate.
The time-bound nature of the bankruptcy code, envisaging resolution within 180 to 270 days, would put enormous pressure on the existing judicial infrastructure.
According to a government reply in Lok Sabha, as on June 30, 2017, there were about 109,598 cases pending across debts recovery tribunals, with recovery dues of Rs 635,500 crore.
Markets watchdog Sebi has disposed of adjudication proceedings without imposing any penalty on Reliance Industries Ltd in a matter related to alleged incorrect disclosure of diluted earnings per share in its financial results more than 13 years ago. Sebi decided not to impose any penalty for the alleged violations mainly on two grounds, including that the amendment to the relevant law that made incorrect disclosure of information by a listed company punishable came into force prospectively from March 2019. Besides, the regulator mentioned about its pending appeal before the Supreme Court against a Securities Appellate Tribunal (SAT) order.
AG is of the view that there is no point in dragging the matter further when it has already been "struck down" by one international forum, and also by the top Indian court.
New-generation private sector banks such as ICICI, HDFC, Axis, Kotak etcetera owe their existence to the recommendations of the first Narasimham Committee.
The release of the movie was cleared by the Film Certification Appellate Tribunal.
The capital markets watchdog had set up an expert panel in March to suggest new measures to regulate insider trading.
RBI may be inclined to impose severe restrictions on lending in the coming quarters.
The panel suggests the government be authorised to raise the thresholds, which trigger applicability of Corporate Social Responsibility provisions.
Telecom operators Vodafone and Idea Cellular on Monday said they will resume 3G services in circles where they don't have spectrum through intra-circle roaming (ICR) pacts with other operators.
Priorities include the amendments of the Companies Act and the Motor Vehicle Act
Markets regulator Sebi on Tuesday imposed a penalty of Rs 5 crore on NDTV for its failure to disclose price-sensitive information about VCPL loan agreements but the company denied the charges and said it will appeal against the ruling. The loan agreements had clauses and conditions that substantially affected the functioning of the media company, Sebi said in its order. The regulator said its probe began after receipt of complaints in 2017 from Quantum Securities Pvt Ltd about an alleged violation of rules by non-disclosure of material information to the shareholders about loan agreements with Vishvapradhan Commercial Private Ltd (VCPL).
Finance Minister Nirmala Sitharaman on Monday assured the industry that momentum of economic reforms will continue to make India a hotspot of global investment. India has turned the crisis created by COVID-19 pandemic into an opportunity to push the economic reforms, which remained pending for decades, she said while addressing the National MNC's Conference 2020 organised by industry chamber CII.
The students had alleged that some teachers were harassing them in the name of internal tests. But, the college management rejected the charges and said they didn't know why the student committed such an act.
The Bengaluru-headquartered company said the 'draft assessment order' from tax authorities for 2008-09 fiscal has arised primarily due to denial of deduction under section 10A of the Income Tax Act, 1961, in respect of profit earned by its undertaking in the Software Technology Park at Bengaluru.
The tax department is on a spree to ensure more taxpayers in the country use the PAN card.
Experts say that under the liquidation process, financial and operational creditors are less likely to recover the full-value of their dues, while employees may not get their full salaries.
A battle royale, fought over 15 long years, comes to an end as a prince and a princess -- grandchildren of the legendary Rajmata Gayatri Devi -- get back the Jai Mahal Palace Hotel from their step-uncles.
CPRL Board may meet this week to decide if the outlets in the north and east of India can be kept open till the matter is settled in courts
The closure of BPSL would add about three million tonnes capacity to JSW Steel's existing 18 million tonnes.
Five key capital market announcements from the previous Budget.
The Vivaad se Vishwas scheme is a replica of the Sabka Vishwas (Legacy Dispute Regulation) Scheme, 2019 (SVLDRS) for indirect tax litigation. The hope is that this would unlock revenue blocked in long-drawn litigation at various forums. Sources in the department say the total value at stake in these disputes would be Rs 5-6 trillion.
Uttam Galva Steels is a part of the Reserve Bank of India's second list of cases, which will be referred to the bankruptcy tribunal for insolvency proceedings after lenders failed to resolve the account by December 2017.
Since Reliance senior counsel Janak Dwarkadas could not be present in the courtroom due to a medical emergency, the company sought adjournment, following which the tribunal agreed to hear the matter on April 16.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
The petitioner said the companies were increasing the prices just to earn huge profit. Companies like Bharti Airtel had posted an annual profit of more than 90 per cent, the NGO said.
Dera Saccha Sauda chief Gurmeet Ram Rahim Singh on Friday said he was unaware of the reasons behind Central Board of Film Certification chairperson Leela Samson's resignation, adding that those protesting against his movie Messenger of God have not seen it yet.
Amidst reports that controversial film "Messenger of God" featuring Dera Saccha Sauda chief Gurmeet Ram Rahim Singh in lead role has been cleared by Film Certification Appellate Tribunal, Censor Board chief Leela Samson on Thursday night said she has decided to resign.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
Jailed former Tamil Nadu Chief Minister J Jayalalithaa, denied bail by Karnataka high court following her conviction and four year sentence in a graft case, on Thursday moved the Supreme Court for bail.
The government will come out with proposed modalities and terms of references for setting up grievance appellate committees to address social media users' complaints in the next 10-12 days, and expects the panel to be in place by November 30, Union Minister Rajeev Chandrasekhar said on Tuesday.
There are about 31,000 pending cases, locking revenue worth Rs 500 crore.
Finance Minister Arun Jaitley on Friday said as many as 37,506 tax dispute cases were pending before various Income Tax Appellate Tribunals having a financial implication of Rs 1.45 lakh crore at end March 2015.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
Insolvency and Bankruptcy Code bound stocks have witnessed a steep fall in 2018.
Vikram Bakshi says the 169 stores will remain open, McDonald's says it will take steps to enforce termination.
Jaypee Infratech's financial creditors on Monday deferred the voting process on Suraksha group's offer to acquire the realty firm and will decide later this week whether bids of Suraksha group as well as NBCC should be considered again. Days after NBCC strongly objected to the Committee of Creditors (CoC) rejecting its offer and also questioned the jurisdiction of Interim Resolution Professional (IRP) Anuj Jain, the creditors held a meeting to discuss NBCC's addendum to its existing offer. The CoC, at its meeting on Monday, decided to conduct voting on May 27-28 on whether both contenders -- Suraksha group and NBCC -- should be allowed to submit their resolution plans for Jaypee Infratech Ltd (JIL), which went into insolvency proceedings in 2017.
The verdict, upholding Centre's November 15, 2019, notification bringing personal guarantors of corporate debtors under the net of the IBC, assumes significance in view of the fact that various high-profile industrialists may now face insolvency proceedings along with their debt-ridden firms under the IBC.
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